With unemployment rates still in double digits, many individuals are thinking about becoming entrepreneurs. Over 6 million people in the US alone start businesses each year, yet up to 90% fail within five years. So how do you prepare for entrepreneurship? This is a key topic I deal with in my book, The Entrepreneur Equation (due out March 2011) and as a precursor, I thought it would be interesting to reach out to my respected network of entrepreneurs and business experts to find out their best tips and strategies that they would give to an aspiring entrepreneur so that they can better prepare to be a first time business owner (which are presented below in no particular order).
You may notice some similar themes, but I kept the insights separate, as something in the way one is framed may resonate differently with you.
Do you have another idea that wasn’t included? If so, please share it below.
As always, many thanks to everyone who contributed to this article!